The Oil and Gas Regulatory Authority (OGRA) has said that the government will have no justification to increase the prices of petroleum next week.
The price of crude oil fell from $84.5 to $78 a barrel last week but the government increased it by up to eight rupees per liter on 6 November.
According to media reports, OGRA has started working on fixing the prices of petroleum within the next fifteen days.
One of its officials told Express News on the condition of anonymity that there is no reason for the upcoming price hike (between 16 and 30 November) as it has gone up by merely two to three dollars a barrel in the international market.
The official said that the government could maintain the prices by applying the existing rates of all the taxes, and can even provide relief of up to Rs. 9 per liter by eliminating or reducing the levy tax.
The price of crude oil in the global market reached $82.29 per barrel on Friday morning, and OGRA will send a summary of the prices of petroleum products to the Ministry of Finance on 14 November.
